# 1 Press Ctrl-A ©G Dear 2010 – Not to be sold/Free to use Cost of Buying a Car Buying a Car Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

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1 Press Ctrl-A ©G Dear 2010 – Not to be sold/Free to use Cost of Buying a Car Buying a Car Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

2 Costs of Buying a Car – Choosing (1/7) End of Slide First, choose a car to buy. From: \$64,703 * » Symmetrical All-Wheel Drive » 5-star ANCAP1 safety rating » Vehicle Dynamics Control system » Satellite navigation system » Rear DVD entertainment system Tribeca 3.6R Premium

3 8.95% p.a. over 5 yrs Calculating the Monthly Repayment (2/7) End of Slide \$64,703 Tribeca 3.6R Premium - Excel Spreadsheet \$1,343.13/month

4 Calculating the Monthly Repayment (3/7) End of Slide - Excel Spreadsheet -PMT(InterestRate, NumberOfPeriods, Principal ) 8.95% p.a.÷ 12 Monthly Interest Rate 5 years x 12 Number of Months \$64,703 Money -PMT(A5/12, A4*12, A3 ) - sign for + answer 8.95% p.a. over 5 yrs \$64,703 Tribeca 3.6R Premium \$1,343.13/month

5 Calculating the Stamp Duty (4/7) End of Slide Tribeca 3.6R Premium Repay \$1,343.13/month 3% of the market value up to \$45,000 5% on the value over \$45,000. 3% of \$45,000 = Calculate Stamp Duty on a \$64703 car. 0.03 x \$45,000 =\$1,350 5% of (64,703 – 45,000) = 0.05 x \$19,703= \$985.15 Total = \$1350 + \$985.15 = \$2335.15 Duty \$2335.15

6 Calculating the CTP Green Slip (5/7) End of Slide Tribeca 3.6R Premium Duty \$2335.15 www.prices.maa.nsw.gov.au Maximum: Zurich:\$348.00 for 12 months Minimum: GIO:\$291.12 for 12 months CTP \$ 291.12 Repay \$1,343.13/month

7 End of Slide Tribeca 3.6R Premium Duty \$2335.15 CTP \$ 291.12 Calculating the Comprehensive Insurance (6/7) www.iselect.com.au/car/ Repay \$1,343.13/month

8 End of Slide CTP \$ 291.12/year Calculating the Ongoing Cost (7/7) Repay \$1,343.13/month Tribeca 3.6R Premium Stamp Duty \$2335.15 On Off Payment. Comprehensive \$ 498.26/year Insurance x12÷ 52 = \$309.95 Weekly ÷ 52 = \$ 5.60 ÷ 52 = \$ 9.58 Total = \$ 325.13

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